Cisco posts loss on $11.1 billion tax-related charge

(Reuters) - Network gear maker Cisco Systems Inc posted a net loss on Wednesday due to an $11.1 billion charge related to recent changes to the U.S. tax law.

The company posted a net loss of $8.8 billion, or $1.78 per share, in the second quarter ended Jan. 27, compared with a profit of $2.3 billion, or 47 cents per share, a year earlier.

Quarterly revenue rose 2.7 percent to $11.9 billion, the first rise in more than two years.

The company said its board approved a $25 billion increase to its stock repurchase plan.

(This version of the story corrects the quarterly revenue number)

(Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila)

02/14/2018 16:27

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